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Registration number: 04804964

Refrigerated Vehicle Rental Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Refrigerated Vehicle Rental Limited
(Registration number: 04804964)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Refrigerated Vehicle Rental Limited
(Registration number: 04804964)

Company Information

Directors

Mr R L Harris

Mr S M Harris

Company secretary

Mr S M Harris

Registered office

Grace Road West
Marsh Barton Industrial Estate
Exeter
Devon
EX2 8PU

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Refrigerated Vehicle Rental Limited
(Registration number: 04804964)

Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,288,309

6,023,862

Current assets

 

Stocks

5

30,768

28,280

Debtors

6

693,663

645,864

Cash at bank and in hand

 

1,264

1,167

 

725,695

675,311

Creditors: Amounts falling due within one year

7

(2,665,673)

(1,900,608)

Net current liabilities

 

(1,939,978)

(1,225,297)

Total assets less current liabilities

 

7,348,331

4,798,565

Creditors: Amounts falling due after more than one year

7

(5,405,520)

(3,308,672)

Provisions for liabilities

(731,460)

(613,681)

Net assets

 

1,211,351

876,212

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

1,211,347

876,208

Total equity

 

1,211,351

876,212

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 18 March 2024 and signed on its behalf by:
 

.........................................
Mr S M Harris
Company secretary and director

 

Refrigerated Vehicle Rental Limited
(Registration number: 04804964)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Grace Road West
Marsh Barton Industrial Estate
Exeter
Devon
EX2 8PU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Refrigerated Vehicle Rental Limited
(Registration number: 04804964)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets down to their residual value, as per the method and rates below. Residual values are reviewed to ensure they remain appropriate for market conditions and, where necessary, adjustments to residual values are made through depreciation.

Asset class

Depreciation method and rate

Plant and machinery

10% / 20% straight line basis

Motor vehicles

4 - 7 years straight line basis

Office equipment

25% straight line basis

Short leasehold property

Over the life of the lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Refrigerated Vehicle Rental Limited
(Registration number: 04804964)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made or received under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset’s useful lives. A corresponding liability is recognised for the lease payments.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Refrigerated Vehicle Rental Limited
(Registration number: 04804964)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 16).

 

Refrigerated Vehicle Rental Limited
(Registration number: 04804964)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

23,288

60,345

9,092,439

184,302

9,360,374

Additions

3,353

6,329

4,793,919

6,307

4,809,908

Disposals

-

-

(479,360)

-

(479,360)

At 31 July 2023

26,641

66,674

13,406,998

190,609

13,690,922

Depreciation

At 1 August 2022

5,844

53,958

3,142,367

134,343

3,336,512

Charge for the year

3,670

2,733

1,351,396

16,550

1,374,349

Eliminated on disposal

-

-

(308,248)

-

(308,248)

At 31 July 2023

9,514

56,691

4,185,515

150,893

4,402,613

Carrying amount

At 31 July 2023

17,127

9,983

9,221,483

39,716

9,288,309

At 31 July 2022

17,444

6,387

5,950,072

49,959

6,023,862

Finance lease assets

Included within the net book value of motor vehicles is £9,111,186 (2022 - £5,902,456) in respect of assets held under finance lease and hire purchase agreements. Depreciation for the year on these assets was £1,336,982 (2022 - £992,006).

Included within the net book value of plant and machinery is £18,198 (2022 - £25,997) in respect of assets held under hire purchase agreements. Depreciation for the year on these assets was £7,799 (2022 - £7,799).

Assets held under finance lease and hire purchase agreements are pledged as security for their respective liabilities. Security is offered by way of a fixed charge and a Deed of Assignment.

Included within motor vehicles are assets held as lessor under operating lease commitments, the net book value of such assets is £9,066,131 (2022 - £5,856,635).

Included within the net book value of land and buildings above is £17,125 (2022 - £17,442) in respect of short leasehold land and buildings.
 

 

Refrigerated Vehicle Rental Limited
(Registration number: 04804964)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

30,768

28,280

6

Debtors

2023
£

2022
£

Trade debtors

416,640

384,054

Other debtors

258,153

246,480

Prepayments and accrued income

18,870

15,330

Total current trade and other debtors

693,663

645,864

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

1,920,486

1,356,094

Trade creditors

 

373,195

284,119

Taxation and social security

 

97,941

184,736

Other creditors

 

269,251

71,659

Accrued expenses

 

4,800

4,000

 

2,665,673

1,900,608

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,919,238 (2022 - £1,340,616).

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

5,405,520

3,308,672

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £5,356,046 (2022 - £3,258,870).

 

Refrigerated Vehicle Rental Limited
(Registration number: 04804964)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings and overdrafts

61,211

67,966

Finance lease and hire purchase liabilities

1,859,275

1,288,128

1,920,486

1,356,094

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,681

49,385

Finance lease and hire purchase liabilities

5,383,839

3,259,287

5,405,520

3,308,672

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The company has operating lease commitments with total minimum lease payments of £346,379 (2022 - £359,102).

10

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Director 1; Interest free loan, repayable on demand

88,497

75,709

(87,802)

76,404

         
       

Director 2; Interest free loan, repayable on demand

9,613

99,816

(86,792)

22,637

         
       

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

At 31 July 2022
£

Director 1; Interest free loan, repayable on demand

73,895

155,818

(141,216)

88,497

         
       

Director 2; Interest free loan, repayable on demand

29,940

83,849

(104,176)

9,613